Economy

Nigerians Consume Beer, Champaign Worth N246bn In 3 Months

Nigerians have spent over N245.61 billion on alcoholic and non-alcoholic drinks within three months of this year’s Q1, parting with 31.17 per cent more than they paid for the drinks in Q1 2021.

This is coming amid harsh economic, increase in price of alcoholic drinks due to inflation and naira devaluation.

The disclosure is contained in the Q1 2022 financial reports of the three largest drink producers – Nigerian Breweries, International Breweries and Guinness Nigeria.

Consumers of the products of these companies had increased their spending limit by N58.36 billion when both quarters were compared.

In Q1 2021, the brewers had generated N187.24 billion from sales of their products, after spending N127.24 billion on the bottles.

During the quarter this year, the cost of producing them was N142.53 billion.

At the end of the Q1 of 2022, it was gathered that International Breweries leapfrogged Guinness Nigeria in the industry’s revenue share, as the former posted N57.52 billion, while the latter recorded N50.32 billion.

During the corresponding period of Q1 2021, Guinness Nigeria had generated N42.60 billion, higher than the N38.96 billion International Breweries grossed within the same period.

While Nigerian Breweries maintained its grip over the market, accounting for N137.77 billion of the total amount generated by the three largest brewing companies in Q1 this year, surpassing the N105.67 billion posted in Q1 2021.

It was gathered that International Breweries exited its N2.57 billion Q1 2021 loss, following report of N721.16 million…

Source: Business Insider

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

Leave a reply

Your email address will not be published. Required fields are marked *

More in:Economy

0 %